Retirement planning is crucial if you want to live comfortably in your “golden years.” However, if you are like the half of Americans surveyed by Transamerica, you may not know what amount you need. Guessing without proper calculations can put you at risk for not having enough money to live the life you want. A certified retirement planner will help you create a plan to not only save money but plan all aspects of your retired life.
When you think of retirement planning, you think of saving money. However, there is more to it than just saving. The Certified Financial Planner Board of Standards recommends planning for other factors that can impact your retirement including post-retirement income, estate planning, long-term health care, and health insurance.
Your income during retirement can get complicated with various tax regulations. Using a financial professional will help you increase your benefits received. For example, people born between 1943 and 1954 can get full Social Security benefits at age 66. If they delay receiving benefits, they will get more payout each month. At age 67, they will be eligible for 108 percent of the monthly payout, and at 70, they will be eligible for 132 percent of the benefit.
Taxes are an important factor of retirement money. When you plan to withdraw money from your retirement accounts, you will need to pay tax. By removing money in a particular order, you can save on taxes. Financial planners are familiar with rules like this and can help guide you.
Working past 65 is becoming more common. The U.S. Bureau of Labor Statistics reports nearly 20 percent of Americans over the age of 65 are in the workforce. If you continue to work, there are some things you need to consider that can affect your retirement like applying for Medicare in time to prevent a rate increase. A retirement planning professional will work with you to decide if you should work and for how long when you create your retirement plan and goals.
You can start your search for Certified Financial Planners (CFPs) by asking your friends, co-workers, or neighbors for referrals. Various websites also offer a search function to find local CFPs.
The CFP Board of Standards database allows you to search using your zip code to find local CFPs. You can also refine your search by the planner’s specialty. You review each CFP’s minimum investment requirements, specialty areas, and payment plans.
Visit the Nebraska Better Business Bureau (BBB) to find accredited businesses. You can also see ratings and if there have been any complaints.
The Eastern Nebraska Office on Aging offers programs for seniors to live life to the fullest, which ultimately affects your retirement. These programs include:
Senior care options
Personal care services
Durable medical equipment
Information and assistance line
To learn more about these programs and other services offered, you can call the Information and Assistance Line at 402.444.6444.
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